Saudi Arabia agrees to freeze crude oil production only after Iran

Baku. 1 April. REPORT.AZ/ Saudi Arabia plans on dedicated a $2 trillion budget for a post-oil economy, Saudi Deputy Crown Prince Mohammed bin Salman al-Saud said, Report informs referring to the Russian media.

Also on Friday, Saudi Arabia will agree to freeze crude oil production levels only if Iran and other major producers do so.

Iran has said it will not join fellow OPEC and non-OPEC members in a plan to be discussed in a Doha conference on April 17 to freeze oil production in an attempt to boost prices.

Iran seeks to revive its oil industry following the lifting of international sanctions.

“If all countries including Iran, Russia, Venezuela, OPEC countries and all main producers decide to freeze production, we will be among them,” Mohammed bin Salman said.